The New Dimensions Of The Cryptocurrency Technology

May 17, 2018

Nowadays, art is gaining much importance especially the music line as they originate from the inner soul of a singer. Even, all the films or drama, whatever it is, is adopting more than one song within them to simply convey the feeling. Moreover, the music industry itself has recreated itself in the past few decades due to the growing internet applications and the possibility of streaming services offered online. This progress has positively influenced everyone especially in the music industry like the songwriters, artists, publishers, labels and other related ones.

This review has led to an exclusive hike in the credits granted to the music people and demand a high source of transparency in these payments made to them. This is where Blockchain can be made to play by regulating an accurate and well-distributed database of music rights info incorporated into this specific smart ledger. Furthermore, the royalties can be distributed for each work, which can be made possible by employing smart contracts incorporated into the database. These agreements have the capability to relate the stakeholders’ address and automatically update their interactions.

Another explicit area of application can be made to the storage and automation of existence proof for the existing documents.

The present-day internet applications provide an opportunity to store an unlimited cloud of data in the respective file storage solutions provided by them. Files can be anything including documents, videos, photos or so. Regardless of their fame, these cloud storage solution face technically changes in the sectors of privacy and data management respectively. One of the major issues is that one has to trust a third agent with ones’ intimate document records.

For example, Storj is such a blockchain storage platform that entertains huge collection of files. Additionally, they allow peer end transfer of data without relying on a third party allowing people to exploit the fallow internet bandwidth and leave much disk space on their pc to use them for bitcoin-based payment records. Accordingly, they allow timely checking of availability and reliability of files cryptographically and thereby, increases the security and data control provision.

Another application includes maintaining the proof for both signed and unsigned file existence in a decentralized mode. Traditional methods rely on the central means to store and validate important files and this exhibit a source of security challenge. But this practice becomes difficult to handle as the documents go old. There acts the blockchain with the ability to maintain the proof and custody of legal paperwork. They also allow the easy stowage of signatures and timestamp linked with these files.